Senate

President Donald Trump’s pick for attorney general faced criticism from members of the Senate Judiciary Committee on his approach to crypto enforcement and the pardon of former Binance CEO Changpeng Zhao.

Senate Majority Leader John Thune reportedly said the chamber will consider a vote on the crypto market structure bill before Aug. 10, though it’s unclear whether it has enough Democratic support to pass.

ABA and state banking associations published a joint letter calling for more detail on the CLARITY Act’s stablecoin yield provisions, ahead of the bill’s House hearing on Friday.

With the death of Senator Lindsey Graham and another senator hospitalized, Republicans’ current majority in the chamber has been reduced to 51-47, likely requiring more Democratic support to pass crypto market structure.

Both US financial regulators are understaffed at the leadership level and lacking Democratic commissioners, with no announcement from President Donald Trump on filling the roles.

Senator Ron Wyden has called on Senate leaders to ensure the Blockchain Regulatory Certainty Act remains in the CLARITY Act when it is brought to the floor.

The Major County Sheriffs of America said it still wants the CLARITY Act amended to give local law enforcement more resources to investigate illicit finance cases.

While engaged in negotiations over ethics in a crypto market structure bill in Congress, Senator Kirsten Gillibrand said she had “no involvement” in her son’s derivatives exchange, backed by at least one industry figure.

Lawmakers in the US Senate are on state work periods until July 13, giving them only four weeks to address a cryptocurrency market structure bill before another break and possible delays due to campaigning for elections.